Loan-automation software firm CreditLogic secures €1.5m in new funding

22 Jul 2020

From left: CreditLogic co-founders Gavin Bennett and Eddie Dillon. Image: Naoise Culhane

CreditLogic, a company building software to speed up loan applications, has now raised a total of €2.4m in funding and launched a new product.

A group of fintech investors in Ireland and the UK have backed Dublin-based CreditLogic to the tune of €1.5m, joining existing investors and Enterprise Ireland to bring its total funding so far to €2.4m.

Founded in 2018 by former bankers Eddie Dillon and Gavin Bennett, and chaired by private equity veteran Dr Martin Scott, the fintech develops software for banks and mortgage brokers, which it claims can reduce the time and cost of new loan processing by more than 50pc.

The platform was created to automate manual and costly application processing and allows for consumers and their financial advisers to fill out documents digitally in less than 10 minutes.

Dillon, who is CEO of CreditLogic, said: “We are delighted to welcome our new investors and of the continued support of Enterprise Ireland and other existing investors.

“This funding accelerates the CreditLogic product roadmap and our vision of transforming the loan origination process for consumers, financial advisers and lenders.”

‘Dramatic shift in financial services landscape’

Following this new funding announcement, CreditLogic said it is launching a new product – called Virtual Assistance – that allows advisers and consumers to collaborate on loan applications online in real time.

“Covid-19 has seen a dramatic shift in the financial services landscape,” Dillon said.

“Social distancing means consumers no longer have the same access to their financial advisers. Virtual Assistance gives the adviser full visibility of the customer’s digital experience, allowing them to interact and provide real-time help from initial enquiry to mortgage completion.”

By securing this new funding, the company will be looking to accelerate its tech development in the coming years.

In December last year, CreditLogic said that it was planning to open a €1m funding round in 2020 in the hope that it could expand further into European markets.

Colm Gorey was a senior journalist with Silicon Republic